5 Best Crypto Demo Accounts
Last Updated on January 31, 2024 by Kevin GrovesTrading cryptocurrencies as a way to generate income is a popular investment vehicle if you know what you’re doing. But if you’re just starting, it’s more likely that you will lose your capital trading on the crypto markets. A better option if you’re learning how to trade crypto is to start risk-free and use a cryptocurrency demo account. Or better still, use a crypto exchange that has a demo trading site to practice on.
Therefore, in this article, we have found some of the best crypto exchanges that offer a demo trading site and rank them from best to worst in terms of their features, ease of use, virtual fund amounts, and trading experience.
Best Crypto Demo Accounts With Virtual Funds
We’ve carefully reviewed several crypto exchanges that offer free demo accounts in which to practice or experiment with trading activities. Our list of the best options for crypto demo trading are:
- eToro – Best overall demo platform for copy-trading
- Swyftx – Quality crypto demo platform for crypto
- TradingView – Top demo account for chart analysis
- Phemex Testnet – Solid demo account with leverage
- MEXC – Best demo account for futures trading
Demo Accounts For Crypto Trading Reviewed
The sections below provide an overview of the top crypto trading exchanges that offer the best demo accounts. One of the biggest factors we have considered in putting this list together includes the features that are available to practice trading, how easy the demo mode is to use, and the markets that can be traded. All of these factors are based on our first-hand experience using each demo account.
1. eToro – Crypto Demo Site With Copy-Trading
eToro, a world-class brokerage, and social network platform is our top pick for a demo trading platform for cryptocurrencies. eToro is a go-to destination for its easy-to-use demo account that is free to join. The demo product offers the major cryptocurrencies to trade with a $100,00 virtual account. Its best feature is its innovative social network and crypto copy-trading platform.
- Rating: ★★★★
- Access to Features: Full access including copy-trading
- Terms: None
- Cost: Free to use
- Virtual Funds: USD $100,000
- Visit Website
eToro is an Israeli-based company that was founded in 2007 that gone on to become a leading multi-asset broker that allows you to invest in CFDs, Stocks, and Cryptocurrency. What makes this platform special is its modern and streamlined design for various types of traders and investors alike. Whether you’re new to crypto or a veteran trader, there is something for you.
Similar to Swyftx, you can join the eToro platform to trade crypto without actual money. The demo account feature comes with $100,000 of virtual money that can be used immediately. Not only is it a great way for you to learn how to trade cryptocurrency, but it also allows you to become familiar with the site’s interface, features, and trading pairs before you start actively trading.
The big reason eToro makes our list of top demo sites lies in its social community. You can switch to a practice account and connect with top crypto traders from all over the world to discuss strategies. You can follow each trader in real time and simulate their trades with zero risk. The platform is well-equipped with basic trading tools, and charting analysis and has a simple trading interface.
The best part of the eToro demo account is you can copy the trades of the best-performing cryptocurrency traders. You can follow them blindly using fake funds or apply your own risk management by setting a stop loss and taking profits of your choosing. Moreover, you can even experiment with leverage trading too.
Overall, eToro is one of the best platforms to demo trade cryptocurrencies. It is simple to create an account and place orders in real-time with a $100,000 account. If you’re looking for a place to copy-trade with virtual funds, then eToro is the preferred option.
Read our full review on eToro
2. Swyftx – Best Crypto Demo Account For Crypto
Next on our list, we have rated Swyftx as the runner-up for demo trading Bitcoin and other cryptocurrencies. The platform is not only one of the best exchanges to buy and sell crypto, it features a user-friendly platform and mobile app with a demo mode.
- Rating: ★★★★★
- Access to Features: Full access
- Terms: Toggleable at any time
- Cost: Free to use
- Virtual Funds: $10,000
- Visit Website
Swyftx is a reputable name in the Australian and New Zealand crypto space that launched in 2019. It is a top-ranked trading platform that has grown its customer base to over 660,000 users. It is registered and regulated by AUSTRAC, which is why all users have to verify their identity before being allowed to actively trade on the platform. The verification process is pretty straightforward and takes less than 10 minutes as long as you provide them with the correct information. Once your account is verified, you can trade up to $20,000 daily.
One of the main contributing factors to its impressive growth is its feature-rich platform and app that is tailored to everyday Aussies. There is an abundance of features for buying, trading and selling crypto with AUD. This includes the introduction of its demo account which is not offered by other exchanges based in Australia. Moreover, you don’t need to immediately complete KYC to begin using it (but is recommended).
When switching to the demo mode, you have access to the live data and crypto price feed. It is the same market data as a funded account which is really important to understand how to buy crypto, using a variety of market orders (e.g. market and limit) and also taking into account the spread.
Aside from this, Swyftx takes our pick up for the best crypto demo account is the features available for free. Examples include:
- $10,000 account with fake AUD currency
- Price alerts
- Live market prices
- Available on desktop and mobile
- TradingView charting
- Hundreds of indicators and drawing tools
- More than 320 cryptocurrencies
- Portfolio tracker to monitor trades
- Simulates market depth and liquidity
If you’re ready to trade with real funds, you can simply fund the account with AUD or crypto and toggle off the demo mode to begin trading. Swyftx is undoubtedly one of the best demo platforms for Australians to practice trading without risk. In addition, if you create an account using a Swyftx referral code, there is a bonus of $20 in free Bitcoin.
Read our full review on Swyftx
3. TradingView – Best Demo Account for Chart Analysis
- Rating: ★★★★★
- Access to Features: Full access
- Terms: None
- Cost: Free
- Virtual Funds: N/A
- Visit Website
TradingView is a platform that traders and investors use to analyse financial markets using sophisticated charts and real-time data. The platform is used to make informed decisions and develop trading strategies for the traditional and cryptocurrency trading markets.
In terms of charting software, TradingView is regarded as one of the best around. So much so, that almost all crypto exchanges integrate it into their trading interfaces. Because it is solely charting software, it doesn’t serve as a crypto exchange where you can deposit, store, and withdraw funds. This means that you still need to find a reputable crypto exchange.
You can start using the free-to-use demo account after creating and selecting a subscription. Following this, you can quickly activate the ‘paper trading’ mode under the TradingView panel so you can start analysing the price action of digital currencies and simulate placing trades without your real money. TradingView is an advanced financial analytical package that offers premium features:
- Hundreds of technical indicators, patterns, and drawing tools to analyse the price action of trading pairs.
- Simulates real-time market prices and liquidity depth from multiple exchanges such as Binance, Bybit, Coinbase, and Bitfinex that we have reviewed.
- Add custom indicators made by other users.
- Set up take profit and stop loss orders.
- Create price alerts and triggers for indicators.
- Measure the results of your trading strategies.
However, one of the biggest pros of practising trading on the demo account is having access to the TradingView community. If you have seen a trading or back-test strategy that you want to employ, then you can implement it on the demo account.
The TradingView demo account is an advanced system that will be familiar to most traders and investors. For someone new to the crypto trading scene, there are a lot of aspects to learn which will take some time. For this reason, some Australians might be better off with a demo mode that offers a simpler charting and analysis package.
4. Phemex Testnet – Solid Demo Account for Leverage and Contracts Trading
- Rating: ★★★★★
- Access to Features: Limited to spot and contract trading (up to 100x leverage)
- Terms: None
- Cost: Free
- Virtual Funds: 10,000 USDT
- Visit Website
Launched in 2019, Phemex is a Singaporean-based cryptocurrency trading and financial management platform with over 2 million global users. Phemex offers an established and robust suite of features and trading markets including spot, leverage margin (up to 100x) and perpetual trading with 337 supported digital currencies.
Phemex is a good place to start practising leveraged margin trading without risking any of your capital on its Testnet platform (https://testnet.phemex.com/) which is separate from the main Phemex Exchange. Although you will need to create an account, you can use the same login details for your main Phemex account.
Unlike other crypto demo accounts, the features you have access to on Phemex Testnet are limited to spot and contract trading. Features such as copy-trading, crypto swapping, and interest-earning wallets are not able to be explored and tested. Having said that, most traders and investors won’t mind this since it will be the trading interface that most will want to use.
When you first log in, you will be greeted with 10,000 USDT as your starting virtual funds, however, there are no crypto trading pairs with AUD as the fiat currency. The Phemex trading interface is powered by the TradingView charting package and you have access to the full suite of indicators and drawing tools. Just like the real version, up to 100x leverage can be applied to all contract positions.
One thing that we noticed, is that the interface is incredibly fast. This can be attributed to the extremely low latency the interface experiences where switching between trading pairs, selecting margins, or experimenting with the charting was slick. In addition, the transaction response times after placing mock trades were also seamless which is something Phemex is known for.
Overall, the Phemex Testnet account is one of the better demo versions around for experimenting with margin and contracts trading. The technology behind it is obviously cutting-edge for the results and experience it provides.
5. MEXC – Best Demo Account for Futures Trading
- Rating: ★★★★★
- Features: Futures only
- Terms: None
- Cost: None
- Virtual Funds: 10 Bitcoin
- Visit Website
MEXC Global is a high-performance cryptocurrency exchange that provides a broad range of products and services. Founded in 2018, the exchange services over 170 countries and has over 10 million customers. At the of writing, MEXC is ranked #16 in the world with average liquidity and a daily trading volume in excess of $1.39 billion. The exchange boasts a staggering number of 1,490 supported crypto assets across 1,760 markets and is best known for its cradle-to-grave features including spot, futures, crypto staking, leveraged ETFs, and copy-trading.
MEXC’s demo account is only available for its futures trading markets. If you want a demo mode where you can explore and practice other markets such as spot and margin then you will need to look elsewhere.
The MEXC demo account can be found within the Futures drop-down menu at the top of the interface. All you need to do to receive your 10 BTC of virtual funds is to click on “Receive Demo Coins”.
The MEXC demo account sports TradingView charting and its accompanying suite of advanced indicators and drawing tools you can aptly analyse the price action of 10 perpetual trading pairs. Despite having a lack of trading pairs, the demo account supports all the majors including BTC/USDT, ETH/USDT, SOL/USDT, and SHIB/USDT.
Switching between the original, TradingView, and depth charts were crisp with no latency issues to speak of. MEXC lets you customise its suite of indicators by colour, line thickness, or hiding them altogether. Moreover, customisation doesn’t stop there with a multitude of chart settings to play with.
Read our full MEXC review
What Is Crypto Demo Trading?
Crypto demo trading is a simulated trading environment where traders can practice buying and selling cryptocurrency assets without using their real money or digital currencies. This type of trading allows you to learn the basics of cryptocurrency trading, as well as to test different strategies and techniques before investing real money.
Benefits Of Using A Crypto Demo Account
There several benefits associated with using a crypto demo account that will appeal to beginners and experienced traders alike.
- Learn the basics of cryptocurrency trading without needing to invest any of your real money.
- You can test trading strategies that you have learned before applying them to your live trading account.
- By using virtual funds first, you can develop your confidence in your trading abilities before risking your actual money.
- You can stay up to date with the latest trends in crypto trading after applying them in a demo account. Since most demo accounts are based on real-time prices, market depth, and liquidity, you can see how new strategies perform.
- Explore and become familiar with the features a new cryptocurrency exchange before committing your real funds.
Choosing A Crypto Demo Account
When selecting a crypto demo account, there are several factors to consider. One of the most important factors is to understand what the demo offers in terms of features. Depending on the crypto trading platform, the features offered in the demo mode may differ from those offered in the live version. Some demo modes will allow you to explore all of the features of the platform, however, some may restrict certain features such as Earn modules and crypto staking.
Finding a demo mode that allows you to test a variety of trading features on a multitude of crypto assets will be important for a novice to intermediate traders. This will allow you to understand how the different features work and how they interact with one another. Overall, this will give you an idea of the trading experience on the exchange which is one of the goals of using a demo account.
Lastly, a demo mode that uses and tracks real-time market data and conditions which affect the price of cryptocurrencies should be sought.
Frequently Asked Questions
The best crypto demo account for beginners is Swyftx. The Swyftx demo mode comes equipped with $10,000 of virtual currencies and can be easily toggled on the dashboard interface. Their demo account is free-to-use and you don’t need to deposit real money, it’s a great way of exploring the platform’s features risk-free. Moreover, the trading interface is integrated with TradingView charts which are simulated on real-time market prices and depth.
Yes, using a crypto demo account will incur no charges or fees from the exchange that provides it. You can freely turn the demo mode on or create a new account if the demo mode is provided on a separate platform. Since demo modes come with virtual fiat or digital currencies, there is no need to deposit any of your real money.
Conclusion
Demo accounts are fast becoming a popular way of exploring the features of crypto exchanges, understanding how they work, as well practising trading using real-time market conditions. Since all simulated accounts will come stocked with virtual fiat or digital currencies to start trading, there is zero risk to your actual investment assets.
However, there is a high degree of variability between demo accounts and the features they offer. At the end of the day, choosing the right demo account for you will largely come down to the type of trading you intend on performing with your real money.
